The Capital Regional District (CRD) is required by legislation develop a financial plan each year that represents operating and capital expenditures for the next five years. These plans provide a longer-term focus regarding the resources required to deliver programs and services needed by the community, and to accomplish Board priorities.
On an annual and ongoing basis, the CRD monitors, reviews and adjusts its plans to ensure they stay relevant and evolve to reflect changes in the organization's strategic priorities as well as operating environment.
Service plans drive the financial planning process and provide necessary information to evaluate overall organizational requirements, initiatives, service levels, and resulting implications for the financial plan. A preliminary financial plan is prepared based on annual service plan summaries, which support the work plan and resource requirements for the upcoming year. Some service plans and budgets are recommended directly through standing committees of the Board, and others are recommended by commissions with various degrees of delegated authority.
For local services, the respective commissions review and recommend service plans and budgets through the Electoral Area Directors to the Board. This process includes a significant amount of work undertaken by many appointed commissioners who volunteer their services in the Southern Gulf Islands, Salt Spring Island, and Juan de Fuca electoral areas.
Commissions and committees receive input leading up to the preparation of service plans and budgets in the form of user statistics, customer satisfaction surveys, advisory body reports, annual operational reports and from a wide variety of public engagement activities. Local and sub-regional commissions may also include rate payer representatives.
Both the Capital Region Housing Corporation (CRHC) and Capital Regional Hospital District (CRHD) undertake a financial planning process concurrently with the CRD. Collectively, the financial planning process includes recommendations and direction from over 60 commissions and advisory committees as well as the Capital Regional Hospital District and Capital Region Housing Corporation Board, which are administered by the CRD.
The provisional financial plan is subject to changes as a result of year-end adjustments, payments in lieu of taxes, revised assessment information, and other committee or commission-directed amendments prior to final approval. In addition, the preliminary financial plan is posted online for public review and comment ahead of the final financial plan review and approval process in March of each year.